A MMF is a type of mutual fund that invests in short term assets such as money market instruments issued by credit institutions, governments or corporations (e.g. treasury bills, commercial paper and certificates of deposit).

Following earlier consultations (in December 2014 and April
2016), ESMA has now issued an opinion to EU regulators on the
extent to which share classes of the same UCITS fund can differ
from one another.

On 6th April, 2016 the European Securities and Markets Authority published a discussion paper on UCITS Share Classes, following on from its earlier consultation on different share classes of UCITS (December 2014).

The European alternative investment funds industry is dealing with what is perhaps the most fundamental change in its history as it now comes to terms with the significant implications and potential opportunities offered by the EU Directive 2011/61/EU on Alternative Investment Fund Managers (the "Directive" or "AIFMD").

Following significant lobbying from the Irish funds industry and the recent publication of a Questions and Answers Paper relating to the Risk Measurement and Calculation of Global Exposure and Counterparty Risk for UCITS by ESMA.

Directive 2011/ 61/EU on Alternative Investment Fund Managers (the "Directive"), which was agreed by the European Parliament on 11 November, 2010 was finally adopted on 21 July, 2011. Member States have until 22 July 2013 to implement its provisions.

This Memorandum sets out the provisions in relation to Master-Feeder Fund structures stemming from the European Commission Directive 2009/65/EC, commonly referred to as the UCITS IV Directive, (the "Directive") and implementing Directive 2010/42/EU (the "Implementing Directive") which have been implemented into Irish law by the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (the "UCITS Regulations").

The last number of years has witnessed an increased interest in both Sharia Funds and in Islamic financial products worldwide. Sharia Funds are funds which are deemed to be compliant with an Islamic branch of law based on the teachings of the Koran and Sunna.